Excel Maritime Reports 3Q Results

Wednesday, November 14, 2007
Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today its financial and operating results for the third quarter and nine month period ended September 30, 2007 and declared a quarterly dividend of $0.20 per share for the third quarter 2007. Total revenues for the third quarter 2007 amounted to $43.2m as compared to $32.7m for the same period in 2006. Net income for the third quarter 2007 amounted to $19.2m versus $9.9m for the same period in 2006. Earnings per share for the third quarter 2007, calculated on 19,978,365 shares were $0.96 compared to $0.50 in the third quarter of 2006. The average number of shares outstanding in the third quarter of 2006 was 19,949,644. It should be noted that the third quarter 2007 figures include unrealized losses of $0.7m or $0.04 per share while third quarter 2006 figures include unrealized losses of $0.9m or $0.04 per share due to the existence of interest rate swaps that do not qualify as hedge accounting. The results of the third quarter 2007 include $0.4m of income or $0.02 per share due to Excel's participation in Oceanaut. EBITDA for the third quarter 2007 was $29.9m compared to $21.4m during the third quarter 2006. Please refer to a subsequent section of this Press Release for a reconciliation of EBITDA to Net Income. An average of 16 vessels were operated during the third quarter 2007 earning a blended average time charter equivalent rate of $29,387 per day, compared to an average of 17 vessels operated during the third quarter 2006 earning a blended average time charter equivalent rate of $19,971per day.
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